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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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008 A000501 AMERICAN ODYSSEY FUNDS MANAGEMENT, INC.
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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070 H010500 N
070 H020500 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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008 A000601 AMERICAN ODYSSEY FUNDS MANAGEMENT, INC.
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015 A000601 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE PAUL S. FEINBERG
TITLE V.P. & SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> American Odyssey International Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 219,628,897
<INVESTMENTS-AT-VALUE> 281,695,294
<RECEIVABLES> 22,581,820
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 304,277,114
<PAYABLE-FOR-SECURITIES> 8,853,281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 338,603
<TOTAL-LIABILITIES> 9,191,884
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 235,035,158
<SHARES-COMMON-STOCK> 17,411,401
<SHARES-COMMON-PRIOR> 15,277,557
<ACCUMULATED-NII-CURRENT> 1,206,418
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,680,825
<ACCUM-APPREC-OR-DEPREC> 62,524,479
<NET-ASSETS> 295,085,230
<DIVIDEND-INCOME> 2,882,263
<INTEREST-INCOME> 305,831
<OTHER-INCOME> 0
<EXPENSES-NET> 960,888
<NET-INVESTMENT-INCOME> 2,227,206
<REALIZED-GAINS-CURRENT> (3,053,524)
<APPREC-INCREASE-CURRENT> 38,650,789
<NET-CHANGE-FROM-OPS> 37,824,471
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,154,657
<DISTRIBUTIONS-OF-GAINS> 10,221,210
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,486,269
<NUMBER-OF-SHARES-REDEEMED> 270,935
<SHARES-REINVESTED> 918,510
<NET-CHANGE-IN-ASSETS> 58,514,173
<ACCUMULATED-NII-PRIOR> 4,133,870
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<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> American Odyssey Emerging Opportunities Fu
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 278,672,414
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<RECEIVABLES> 14,555,890
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 281,926,077
<PAYABLE-FOR-SECURITIES> 1,665,103
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 221,971
<TOTAL-LIABILITIES> 1,887,074
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 238,174,056
<SHARES-COMMON-STOCK> 18,832,785
<SHARES-COMMON-PRIOR> 18,071,430
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 340,685
<ACCUMULATED-NET-GAINS> 53,507,859
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (11,302,227)
<NET-ASSETS> 280,039,003
<DIVIDEND-INCOME> 447,740
<INTEREST-INCOME> 387,596
<OTHER-INCOME> 0
<EXPENSES-NET> 1,176,021
<NET-INVESTMENT-INCOME> (340,685)
<REALIZED-GAINS-CURRENT> 54,906,841
<APPREC-INCREASE-CURRENT> (44,490,256)
<NET-CHANGE-FROM-OPS> 10,075,900
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,327,224
<NUMBER-OF-SHARES-REDEEMED> 565,869
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,152,575
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,398,982
<GROSS-ADVISORY-FEES> 949,585
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,176,021
<AVERAGE-NET-ASSETS> 277,120,866
<PER-SHARE-NAV-BEGIN> 14.33
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.56
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.87
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> American Odyssey Core Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 330,876,595
<INVESTMENTS-AT-VALUE> 461,245,307
<RECEIVABLES> 8,280,485
<ASSETS-OTHER> 40,419
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 469,566,211
<PAYABLE-FOR-SECURITIES> 220,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 253,309
<TOTAL-LIABILITIES> 473,809
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 294,370,167
<SHARES-COMMON-STOCK> 22,733,307
<SHARES-COMMON-PRIOR> 20,812,710
<ACCUMULATED-NII-CURRENT> 2,945,407
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 41,408,116
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 130,368,712
<NET-ASSETS> 469,092,402
<DIVIDEND-INCOME> 4,104,901
<INTEREST-INCOME> 183,342
<OTHER-INCOME> 0
<EXPENSES-NET> 1,342,832
<NET-INVESTMENT-INCOME> 2,945,411
<REALIZED-GAINS-CURRENT> 41,408,116
<APPREC-INCREASE-CURRENT> 21,685,642
<NET-CHANGE-FROM-OPS> 66,039,169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 40,202
<DISTRIBUTIONS-OF-GAINS> 48,900,936
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,391,029
<NUMBER-OF-SHARES-REDEEMED> 1,857,805
<SHARES-REINVESTED> 2,387,373
<NET-CHANGE-IN-ASSETS> 54,394,307
<ACCUMULATED-NII-PRIOR> 40,198
<ACCUMULATED-GAINS-PRIOR> 48,900,936
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,268,764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,437,343
<AVERAGE-NET-ASSETS> 456,101,099
<PER-SHARE-NAV-BEGIN> 19.93
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 2.97
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 2.40
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.63
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> American Odyssey Long-Term Bond Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 230,478,116
<INVESTMENTS-AT-VALUE> 236,020,250
<RECEIVABLES> 5,662,741
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 241,682,991
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 384,859
<TOTAL-LIABILITIES> 384,859
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 226,308,675
<SHARES-COMMON-STOCK> 21,949,394
<SHARES-COMMON-PRIOR> 20,383,564
<ACCUMULATED-NII-CURRENT> 6,513,292
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,924,079
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,552,086
<NET-ASSETS> 241,298,132
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,193,709
<OTHER-INCOME> 0
<EXPENSES-NET> 680,417
<NET-INVESTMENT-INCOME> 6,513,292
<REALIZED-GAINS-CURRENT> 2,793,128
<APPREC-INCREASE-CURRENT> 554,995
<NET-CHANGE-FROM-OPS> 9,861,415
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 114,595
<DISTRIBUTIONS-OF-GAINS> 4,441,593
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,481,561
<NUMBER-OF-SHARES-REDEEMED> 330,684
<SHARES-REINVESTED> 414,953
<NET-CHANGE-IN-ASSETS> 22,443,781
<ACCUMULATED-NII-PRIOR> 114,594
<ACCUMULATED-GAINS-PRIOR> 4,572,544
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 571,237
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 680,417
<AVERAGE-NET-ASSETS> 230,388,218
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.21
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.99
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> American Odyssey Intermediate-Term Bond Fu
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 118,319,753
<INVESTMENTS-AT-VALUE> 118,568,115
<RECEIVABLES> 1,149,634
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119,717,749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,987
<TOTAL-LIABILITIES> 77,987
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,115,096
<SHARES-COMMON-STOCK> 11,261,241
<SHARES-COMMON-PRIOR> 10,531,347
<ACCUMULATED-NII-CURRENT> 3,391,586
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 884,718
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 248,362
<NET-ASSETS> 119,639,762
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,740,038
<OTHER-INCOME> 0
<EXPENSES-NET> 348,450
<NET-INVESTMENT-INCOME> 3,391,588
<REALIZED-GAINS-CURRENT> 911,045
<APPREC-INCREASE-CURRENT> (338,874)
<NET-CHANGE-FROM-OPS> 3,963,759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,668
<DISTRIBUTIONS-OF-GAINS> 542,497
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 863,740
<NUMBER-OF-SHARES-REDEEMED> 188,476
<SHARES-REINVESTED> 54,630
<NET-CHANGE-IN-ASSETS> 11,044,128
<ACCUMULATED-NII-PRIOR> 37,668
<ACCUMULATED-GAINS-PRIOR> 516,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 281,553
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 348,450
<AVERAGE-NET-ASSETS> 114,666,409
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.62
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> American Odyssey Global High-Yield Bond Fu
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 74,253,902
<INVESTMENTS-AT-VALUE> 73,605,137
<RECEIVABLES> 11,407,186
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85,012,323
<PAYABLE-FOR-SECURITIES> 2,685,956
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,512
<TOTAL-LIABILITIES> 2,755,468
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80,957,727
<SHARES-COMMON-STOCK> 7,823,269
<SHARES-COMMON-PRIOR> 5,704,494
<ACCUMULATED-NII-CURRENT> 1,867,184
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 80,709
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (648,765)
<NET-ASSETS> 82,256,855
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,089,324
<OTHER-INCOME> 0
<EXPENSES-NET> 223,836
<NET-INVESTMENT-INCOME> 1,865,488
<REALIZED-GAINS-CURRENT> 331,632
<APPREC-INCREASE-CURRENT> (1,032,672)
<NET-CHANGE-FROM-OPS> 1,164,448
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20,259
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,338,613
<NUMBER-OF-SHARES-REDEEMED> 221,764
<SHARES-REINVESTED> 1,926
<NET-CHANGE-IN-ASSETS> 23,436,309
<ACCUMULATED-NII-PRIOR> 21,955
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 250,923
<GROSS-ADVISORY-FEES> 181,379
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 223,836
<AVERAGE-NET-ASSETS> 64,816,214
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.51
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
American Odyssey Funds, Inc.
Form: N-SAR June 30, 1998
Attachment - Item 77O
Transactions effected pursuant
to Rule 10f-3
Transaction # 1: Global High-Yield Bond Fund, purchase of Niagara Mohawk 7.625%
10/1/05
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Donaldson, Lufkin & Jenrette. Donaldson, Lufkin & Jenrette was not an
affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Global High-Yield Bond Fund, managed by BEA Associates, purchased $400,000
principal face of Niagara Mohawk Power, a company in continuous operation for 3+
years, in an initial public offering at the offering price of $99.645 per unit
on June 17, 1998. The underwriting spread paid was 2.0%. The percentage of the
offering purchased by the Global High-Yield Bond Fund was less than 0.5% of the
total offering. This purchase represented less than 1% of the Global High-Yield
Bond Fund assets. The security purchased was part of an issue registered with
the Securities and Exchange Commission and was part of a firm commitment
underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made. .
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled second quarter 1998 meeting as well as
information supporting the reasonableness of the spread paid to certify that the
purchase was made in compliance with the Board adopted rule 10f-3 procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR June 30, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 2: Long-Term Bond Fund, purchase of Niagara Mohawk Power, 8.50%,
due 2010
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Donaldson, Lufkin & Jenrette. Donaldson, Lufkin & Jenrette
was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Long-Term Bond Fund, managed by Western Asset Management, purchased $900,000
principal face of Niagara Mohawk Power, a company in continuous operation for 3+
years, in an initial public offering at the offering price of $65.682 per unit
on June 17, 1998. The underwriting spread paid was 1.314%. The percentage of the
offering purchased by the Long-Term Bond Fund was less than 1% of the total
offering. This purchase represented less than 1% of the Long-Term Bond Funds
assets. The security purchased was part of an issue registered with the
Securities and Exchange Commission and was part of a firm commitment
underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled second quarter 1998 meeting as well as
information supporting the reasonableness of the 2% spread paid to certify that
the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR June 30, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 3: Long-Term Bond Fund, purchase of Niagara Mohawk Power 7.75%,
due 10/01/08
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Donaldson, Lufkin & Jenrette. Donaldson, Lufkin & Jenrette
was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Long-Term Bond Fund, managed by Western Asset Management, purchased $900,000
principal face of Niagara Mohawk Power, a company in continuous operation for 3+
years, in an initial public offering at the offering price of $99.746 per unit
on June 17, 1998. The underwriting spread paid was 2.0%. The percentage of the
offering purchased by the Long-Term Bond Fund was less than 1% of the total
offering. This purchase represented less than 1% of the Long-Term Bond Funds
assets. The security purchased was part of an issue registered with the
Securities and Exchange Commission and was part of a firm commitment
underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled second quarter 1998 meeting as well as
information supporting the reasonableness of the 2% spread paid to certify that
the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR June 30, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 4: Intermediate-Term Bond Fund, purchase of Tommy Hilfiger U.S.A.
Inc.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Morgan Stanley, Dean Witter. Morgan Stanley, Dean Witter was not an
affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management, purchased
$5,500,000 principal face of Tommy Hilfiger U.S.A. Inc., a company in continuous
operation for 3+ years, in an initial public offering at the offering price of
$99.848 per unit on May 5, 1998. The underwriting spread paid was 0.60%. The
percentage of the offering purchased by the Intermediate-Term Bond Fund was
2.20% of the total offering. This purchase represented less than 4.71% of the
Intermediate-Term Bond Funds assets. The security purchased was part of an issue
registered with the Securities and Exchange Commission and was part of a firm
commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled second quarter 1998 meeting as well as
information supporting the reasonableness of the .60% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR June 30, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 5: Intermediate-Term Bond Fund, purchase of Niagara Mohawk Power,
7.625%, due 10/01/05
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Donaldson, Lufkin & Jenrette. Donaldson, Lufkin & Jenrette
was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management, purchased
$5,000,000 principal face of Niagara Mohawk Power, a company in continuous
operation for 3+ years, in an initial public offering at the offering price of
$99.645 per unit on June 17, 1998. The underwriting spread paid was 2.0%. The
percentage of the offering purchased by the Intermediate-Term Bond Fund was
1.25% of the total offering. This purchase represented 4.20% of the
Intermediate-Term Bond Funds assets. The security purchased was part of an issue
registered with the Securities and Exchange Commission and was part of a firm
commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled second quarter 1998 meeting as well as
information supporting the reasonableness of the 2% spread paid to certify that
the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
